Earnings Per Share

6 Months Ended

Jun. 30, 2022

NOTE 16. EARNINGS PER SHARE

The following is a reconciliation for the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021:


	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2022			2021		2022			2021
	(in thousands)
Net (loss) income	$	(24,021	)	$	40,880	$	(56,503	)	$	70,958
Less: Net loss and comprehensive loss attributed to non-controlling interest		(1,530	)		—		(2,037	)		—
Net (loss) income and comprehensive (loss) income attributed to common shareholders	$	(22,491	)	$	40,880	$	(54,466	)	$	70,958
Weighted average number of common shares outstanding		187,174,176			125,631,725		187,124,886			120,351,366
Dilutive effect of securities		—			7,370,506		—			7,533,547
Diluted weighted average number of common shares outstanding		187,174,176			133,002,231		187,124,886			127,884,913
Basic (loss) earnings per share	$	(0.12	)	$	0.33	$	(0.29	)	$	0.59
Diluted (loss) earnings per share	$	(0.12	)	$	0.31	$	(0.29	)	$	0.55

For the three months ended June 30, 2022, the Company excluded 5,268,901 of instruments of potentially dilutive instruments for the dilutive calculation as the Company is in a net loss position. For the six months ended June 30, 2022, the Company excluded 6,600,990 of potentially dilutive instruments from the dilutive calculation as the Company is in a net loss position. There were no instruments excluded for the three or six months ended June 30, 2021.

As of June 30, 2022, there are approximately 185.6 million issued and outstanding shares which excludes approximately 2.9 million of fully vested RSUs which are not contractually issuable until 2024.